Firefighters’ retirement fund commits $25m to noncore real estate
The $3.8 billion Houston Firefighters’ Relief & Retirement Fund has committed $25 million to Sterling Value Add Partners II, managed by the Palm Beach, Fla.–based Sterling Organization, confirms Linda Calnan, interim chief investment officer with HFRRF.
SVAP II seeks to acquire, manage, lease and sell income-producing grocery-anchored shopping centers and power retail centers in major U.S. markets, primarily in the central and eastern regions of the country. The fund looks to add value to assets by increasing occupancy and rents, improving the tenant mix, making property-level improvements and cutting operational costs.
The fund received a $25 million commitment from the University of Michigan Endowmentin October.
HFRRF had committed 4.9 percent of its total assets to real estate as of Sept. 30, 2014,